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What are the gains from trade

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Reference no: EM132655828

Suppose that when a country opens to free trade in a good, the price of that good rises from $10 to $15. As a result, the domestic quantity supplied rises from 1,000 to 1,020 and the domestic quantity demanded falls from 1,000 to 500. What are the gains from trade? Assume linear domestic supply and demand curves. (Note: If there are overall losses from trade, make your answer negative.)

Reference no: EM132655828

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